Paycom Software (PAYC) FY2025 results: revenue $2.1 billion, up 8.9% on the year
Paycom Software, Inc. (PAYC) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 8.9% on the year before. Net income was $453 million, down 9.7%, and diluted earnings per share $8.08. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$2.1 billion
+8.9% on the year
FY2018FY2025
Operating margin
27.6%
33.7% a year earlier
FY2018FY2025
Net income
$453 million
-9.7% on the year
FY2018FY2025
Diluted EPS
$8.08
-9.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Fourth-quarter revenue rose 10.2%: Total revenues were $544.3 million, against $493.8 million a year earlier. Recurring and other revenues were $517.1 million, up 11.2%, or 95.0% of the total.
Full-year revenue rose 9.0%: Full-year total revenues were $2,051.7 million, against $1,883.2 million in 2024.
Annual revenue retention reached 91%: The annual revenue retention rate was 91% in 2025, against 90% in 2024.
Full-year adjusted EBITDA rose to $882.3M: Full-year adjusted EBITDA was $882.3 million, against $775.4 million in 2024; the margin was 43.0%, against 41.2%.
Free cash flow rose to $403.5M: Free cash flow was $403.5 million for 2025, a 19.7% margin, against $336.6 million and 17.9%; operating cash flow was $678.9 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
679
534
485
+27.2%
Capital expenditure
271
193
193
+40.4%
Free cash flow
408
341
292
+19.6%
Free cash flow margin
19.9%
18.1%
17.3%
Cash from investing
-611
-22.2
-197
Cash from financing
1,022
1,108
-275
-7.8%
Depreciation and amortisation
176
146
114
+20.8%
Share-based compensation
119
-22.9
130
Buybacks
326
123
287
+165.1%
Dividends paid
84.8
84.8
64.8
0.0%
Dividend per share
$0.38
$0.38
$0.38
0.0%
Diluted shares, weighted
56m
56m
58m
-0.3%
Shares outstanding at period end
55m
56m
57m
-2.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,732
1,576
1,303
+9.9%
Debt
0.0
0.0
0.0
Operating lease liabilities
61.9
63.0
56.7
-1.7%
Other liabilities
5,805
4,221
2,838
+37.5%
Total liabilities and equity
7,599
5,860
4,198
+29.7%
Fixed assets
n/a
n/a
498
Goodwill
51.9
51.9
51.9
0.0%
Intangible assets
37.4
46.2
50.1
-19.0%
Securities held for sale or to maturity
n/a
n/a
199
Cash and equivalents
370
402
294
-8.0%
Receivables
44.9
39.2
16.4
+14.5%
Inventory
1.7
1.4
1.4
+21.4%
Other assets
7,093
5,319
3,087
+33.3%
Total assets
7,599
5,860
4,198
+29.7%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.